Advance payout on life insurance policy for terminal policy holder

General
1

My father has terminal cancer and was recently given 3-6 months. He still wants try to “see the world” but the only way to make that happen would be to file for an advance. His policy states that if you have less than 24 months to live you can qualify for 80% payout.

Has anyone else done this and been successful? What kind of information did you have to provide? I asked the insurance company if an attending physicians statement from the oncologist was enough and they said no but couldn’t give me a good answer on what they needed.

Any help would be greatly appreciated!

1 Like
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This is exactly why these benefits are there. Call the company, ask for the claims department, and tell them you want to file an Accelerated Death Benefit claim (it might have a different name on your policy). The paperwork should guide you on what documentation you need.

If the policy is over 2 years old, the process should move quickly if you submit all the required documents.

Be persistent—call every week and escalate to a manager if the process is slow. Any good company should understand the urgency of your situation.

3

I’ll add two things:

  1. The policy owner will likely have to work with the company.
  2. Start collecting medical records now. I’d start with the oncologist and primary care doctors. Your father likely has access to these through a patient portal that his physicians provide for him to see his medical records.